Beacon Roofing Supply (NASDAQ:BECN) announced its quarterly earnings results on Tuesday. The company reported $0.92 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.24 by ($0.32), Bloomberg Earnings reports. Beacon Roofing Supply had a net margin of 0.41% and a return on equity of 10.76%. The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period in the previous year, the firm posted $1.18 earnings per share. The company’s revenue was down .5% compared to the same quarter last year.
Shares of Beacon Roofing Supply stock traded down $7.60 on Wednesday, reaching $27.29. The company’s stock had a trading volume of 220,873 shares, compared to its average volume of 424,782. The firm has a market capitalization of $2.41 billion, a P/E ratio of 10.16, a P/E/G ratio of 1.18 and a beta of 1.40. Beacon Roofing Supply has a 52-week low of $24.97 and a 52-week high of $42.95. The business has a 50-day simple moving average of $36.12. The company has a debt-to-equity ratio of 1.62, a current ratio of 2.27 and a quick ratio of 1.22.
In other news, major shareholder Cd&R Investment Associates Ix, purchased 4,625,998 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was purchased at an average cost of $34.17 per share, for a total transaction of $158,070,351.66. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard W. Frost purchased 11,754 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average price of $34.17 per share, with a total value of $401,634.18. Following the completion of the transaction, the director now directly owns 34,249 shares of the company’s stock, valued at approximately $1,170,288.33. The disclosure for this purchase can be found here. 1.20% of the stock is owned by insiders.
A number of brokerages have issued reports on BECN. Raymond James decreased their price target on Beacon Roofing Supply from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, June 10th. Royal Bank of Canada boosted their price target on Beacon Roofing Supply to $40.00 and gave the company a “sector perform” rating in a report on Thursday, May 9th. BidaskClub downgraded Beacon Roofing Supply from a “buy” rating to a “hold” rating in a report on Friday, July 12th. ValuEngine downgraded Beacon Roofing Supply from a “hold” rating to a “sell” rating in a report on Tuesday, May 28th. Finally, Stephens reissued an “overweight” rating and issued a $37.00 price target (down from $45.00) on shares of Beacon Roofing Supply in a report on Wednesday. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $37.13.
About Beacon Roofing Supply
Beacon Roofing Supply, Inc, together with its subsidiaries, distributes residential and commercial roofing materials, and other complementary building materials to contractors, home builders, retailers, and building materials suppliers. The company's residential roofing products include asphalt shingles, synthetic slates and tiles, clay and concrete tiles, slates, nail base insulations, metal roofing, felts, synthetic underlayment, wood shingles and shakes, nails and fasteners, metal edgings and flashings, prefabricated flashings, ridges and soffit vents, and solar systems.
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